Back to the Euro-crisis. The ECB has stuck its neck out and guaranteed government bonds for Euro crisis countries. But Germany's highest court could dash those plans.
Germany's supreme court will rule on whether the ECB has the authority it has claimed under "Outright Monetary Transactions" to do "whatever it takes" to save the euro. The tool was never used, but caused quite a stir.
Germany's Constitutional Court in Karlsruhe has issued a closely watched ruling on the legality of the ECB's program of Outright Monetary Transactions (OMT). It said the bond-buying instrument did not violate the law.
Greek's ailing banks will be given access to the European Central Bank's refinancing program. The move brings Greece closer to financial normalization, a gift for its compliance in passing tough austerity measures.
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